Buying a Property?
Posted by admin under: Buy Property Apr 06
Whether you are buying a property for the first time or the tenth time the process does not get easier by any means. This can be a very stressful time regardless of how much money you have, more so because of all the parties involved in you buying a property. From the get set you have family member and friends all involved who have their own experiences, advice or opinions they like to throw in the mix of you buying your property. Also you have to consider the reasons you are buying property i.e. will you live in it yourself, rent it out or are you buying it for commercial purposes.
Now you have the job of hunting for that property you want so you get the daily newspapers, you have a scan around local estate agents or online where you will find majority of properties for rent. You may take month’s even years viewing properties around your chosen area to find the one you want so that means time of work to book viewings and to discuss your requirements with property agents. Then when you have decided, you go through the buying process which involved mortgage companies, surveyors, expensive solicitors and other financial organisations.
If you don’t know about each process along the way then you have to do your research into mortgage rates, is it going to be fixed or variable. Do you need life insurance? How much do you need insure your property for? Which solicitor is best? Should I get the property surveyed? How much can I afford? Are you overwhelmed by all the questions?
Here are some tips that I hope will help you through the process of buying your property:
• Use as many estate agents as you want and keep your requirements clear and concise so tell them
o Size
o Number of rooms
o Type of property (i.e. semi detached, detached, bungalow, etc)
o Location
o Budget
o Any specific requirements i.e. garden, garage etc
• Speak to a number of financial advisors about
o Mortgage rates
o Your personal financial situation and what suits you best in terms of financial proposals
o Insurance (home, life, payment protection)
• Solicitors
o What are you getting from you solicitor for your money
o What check will they perform
o Ask them to run through their whole process
Always keep an open mind when viewing a property and do your research. If you are unsure then ask a surveyor, friends or family who have been involved in buying property before. The final thing I would like to talk about is budgeting. Yes you have heard this word time and time again and you are bored of it. Well take this seriously stick to what you have and do not stray from your budget for something more expensive, as it is a not a decision to be made lightly. A big problem with a lot of first time buyer is just looking at the monthly figures they can afford and do not consider things like insurance, utility bills, solicitor’s costs and all the other things that come with buying a property.
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Friday, April 6th, 2012 at 7:14 am and is filed under Buy Property. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.